I would appreciate any thoughts from other small business owners in regards to the predicted fuel crisis and how it may affect you.
I have a small business with premises. I took it on nearly 5 years ago when when the place I rented folded, so that I could continue my self employed job/career.
It has been great venture, I rent the space out to other users when I'm not using it and it really is loved by my clients and the community.
I have been lucky enough that it survived lockdowns with grants that were available as I still had to pay rent but couldn't use it for long periods of time. Also the number of clients have generally been down due to the pandemic so the grant supported that too.
But it takes a lot to heat the place, the cost last winter was bad enough but this year it may render it non-viable.
I'm unsure whether to..
- Battle through and hope it survives this next crisis. Look at other ways to bring in more money. Accept it will take a hit then rebuild again when (if) things ease.
My worry about this is I just throw money out into the void and its not sustainable and I end up with no premises and no cash to help set up something else.
Or..
- Give it up before the winter and either find something smaller that is easier to heat, possibly with no other renters. That may be difficult to find or it may not be cheaper anyway as I have a relatively low rent where I am. Or just find somewhere to rent by the hour for what I do. The issue with this is I may not find somewhere suitable, there weren't a lot of options 5 years ago and that hasn't changed. It's unlikely I will find a venue as great as I have. It may mean changing the way I work completely, which I'm not totally against but I will still be continuing on with my career.
Trying to give us much info without either outing or making too long a thread but it it doesn't make a huge profit, I took a small wage at the beginning with the hope it would rise in time but of course the last two years have not made that happen.
I'm worried that I'm too emotionally attached to this place and that is skewing my view. Or am I giving up because it's a lot of work and I should bash on and make it viable. To be fair I'm never going to win business woman of the year, I only do the business side so I can have a lovely place to do what I'm passionate about.
Any thoughts either from people better at the business side than me or those in a similar position?
Thanks